Profits Plunge With Prices as Bitcoin Mining Rigs Go Dark13.38

Back in the days of the Wild West, gold prices would dictate the profitability of prospecting and mining. Around 150 years later not much has changed with regards to the economics of mining, however the commodity is a little different now.

Bitcoin has had its roughest week this year with prices tumbling almost 30% in just over a week. From a seemingly stable level at over $6,000 held for several months, BTC plunged to below $4,300 in a matter of days. The naysayers were rubbing their hands with glee leaving the hodlers feeling hungover.